Some rises that are hard to predict are seen during a protracted drop in crude prices from time to time. Market participants witnessed one of such increases recently. Oil prices stopped falling and then jumped by almost 10%. The growth was triggered by slumps in stock markets, sudden news about a tumble in the US crude inventories, and Venezuela’s call for an emergency OPEC meeting. The Venezuelan authorities decided on it due to a crisis situation in the crude market. Oil prices climbed from 6-year lows, but investors are still worried about oversupply in the market. Brent futures were up 9% breaking through the level of $47 a barrel. Futures for Texas light sweet crude grew by 8% to more than $42 a barrel. However, the tendency is only temporary and most experts suppose that oil prices will continue sliding. Analysts at Standard Chartered trimmed their forecasts for Brent crude prices by $10 to $54 a barrel in 2015 and by $20 to $63 a barrel in 2016. Data on a drop in the US crude inventories underpinned oil prices. Still, most market participants are waiting for an increase in inventories in coming months. Another OPEC meeting is scheduled for December 4, 2015. Besides seeking for an OPEC meeting, Venezuela also introduced an initiative for joint coordination with Russia amid the current situation in the crude market.
